Sunday 08, April 2018 by Jessica Combes

Credit to Omani private sector reaches OMR 18 billion


Annual growth in total outstanding credit disbursement reached 5.3 per cent for conventional banks in Oman, at the end of January 2018, with credit to the private sector increasing by 3.4 per cent to OMR18.3 billion.

Conventional banks' overall investments in securities grew by 8.2 per cent to OMR3.1 billion. Investment in Government Treasury Bills stood at OMR534.2 million at the end of January 2018, while investment in government securities, inclusive of government development bonds (GDBs), government Sukuk, and others, increased by 2.9 per cent over the year to OMR1.35 billion, according to a report by The Times of Oman.

Aggregate deposits held with conventional banks increased by 1.2 per cent to OMR18.6 billion in January 2018 from OMR18.4 billion a year ago, while Government deposits with conventional banks marginally declined by 1.7 per cent to OMR4.9 billion, and deposits of public enterprises increased by 2.6 per cent to OMR0.9 billion during the same period.

Private sector deposits accounted for 67.6 per cent of total deposits with conventional banks, increasing by 2.4 per cent to OMR12.6 billion in January 2018 from OMR12.3 billion a year ago. The core capital and reserves of conventional banks at the end of January 2018 stood at OMR4.6 billion.

The report added that Islamic banking entities provided financing to the extent of OMR3.1 billion at the end of January 2018, as compared to OMR2.5 billion a year ago and total deposits held with Islamic banks and windows also registered a significant increase to OMR3.1 billion in January 2018 from OMR2.2 billion at the end of January 2017.

The total assets of Islamic banks and Windows combined, amounted to OMR3.9 billion at the end of January 2018, constituting some 12.2 per cent of the banking system assets.


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